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The cost of motorcycle insurance, like most types of other vehicle insurance, is dependent on a wide variety of factors. Generally, the average cost in the United States for liability coverage only can run between $200 and $500 a year. Full coverage can bring the total cost up to a range between $400 and $800. While the exact methods insurers use are unknown, there are certain factors which can directly increase or decrease the cost for the individual.
Driving record
Probably the biggest single factor is the individuals driving record. A short driving history, or worse a bad driving history, can drastically increase the cost of coverage. If you have a history of accidents, speeding, DWI’s, or other vehicular infractions, your insurance costs can easily be double or triple that of a driver with a clean record. This is because past driving history is generally a good indicator of future accidents. This is also why age is a big factor. The insurance company has limited information on an individuals ability as a driver, and young people are more inclined to take risks.
Location
Location is another big factor in the total cost of your insurance. States all have different minimum coverage limits and other requirements that a policy must cover. If the minimum motorcycle insurance amount in your state is higher than a neighboring state, you can expect to pay higher premiums as a result. If you also live in an area with a larger than average amount of motorcycle wrecks or thefts, location can also increase your premium. Again, it is all about assigned risk when it comes to assigning your premium.
Type of motorcycle
The type of motorcycle that you are looking to purchase motorcycle insurance for is also a contributor to your overall premium costs. Obviously, a more valuable back is going to cost more to insure because it will cost more to replace if wrecked. Motorcycles total very easily and are usually not repaired in all but the most minor of collisions, so when purchasing full coverage this will be factored in. If you drive an extremely fast sportbike you will most likely pay more in premiums than a similarly qualified rider who owns a touring bike. This has to do with the motorcycle’s capabilities and how they are typically ridden.
The best way to figure out what your particular cost of motorcycle insurance will be is to contact an insurer and simply ask. If you already have coverage on another vehicle or even homeowners coverage, you can often qualify for multiple policy discounts as well. Otherwise, the best way to keep costs down is to drive safely, obey the speed limit, and practice defensive driving techniques. You will save yourself money, and more importantly, keep yourself safe.
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